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JSE IPLIDB
INVS
INVS - Investec Bank Limited - Adjustment to the terms and conditions of IPLIDB-
ZAE000115457
INVESTEC BANK LIMITED
ADJUSTMENT TO THE TERMS AND CONDITIONS OF IPLIDB- ZAE000115457
Investec Enhanced Dividend Securities (EDS)
As a result of Imperial Holdings Limited unbundling, IPLIDB will adjust
accordingly to leave warrant holders in an equivalent cash position as prior to
the unbundling.
The example below is theoretical to give warrant holders an indication of IPLIDB
following this unbundling, the final figures will be released on close of
business on Monday, 12 May 2008.
Assuming no market changes:
IPL close LDT (9 May 2008): R80.00
IPL adjusted open EX (12 May 2008): R65.00
EQS close EX (12 May 2008): R15.00
IPL theoretical close EX (12 May 2008): R65.00 + R15.00 = R80.00
IPLIDB close LDT (Spot ref: R80.00): R42.7916
IPLIDB adjusted on LDT (Spot ref: R65.00): R34.7673
Due to the adjusted spot being relatively close to the barrier, a fair
adjustment would be to adjust the strike price and barrier level to leave IPLIDB
with the same intrinsic as prior to the unbundling.
The following adjustments are made:
Factor: IPL close EX/IPL Theoretical close EX = 0.8125
Prior to Corporate After the Corporate action
Action
Strike Price R41.31 Adjusted Strike Price R33.56
(41.31 x factor)
Barrier Level R56.33 Adjusted Barrier Level R45.77
(56.33 x factor)
Rebate Payment R15.02 Adjusted Rebate Payment R12.21
(Barrier - Strike)
Price R42.7916 New Price R34.7673
Spot R80.00 Spot R65.00
Position 100 New Position (100/factor) 123.08
Value Value
4279.16 4279.16
Please be advised that should IPL trade below R41.40 on Monday, 12 May 2008,
Investec Bank Limited does not guarantee the warrant as IPLIDB will barrier and
this is as a result of market movement.
Copies of the offering circular may be obtained from:
Investec Bank Limited
100 Grayston Drive
Sandown
Sandton
2196
For further information contact:
Investec Warrants
Tel.: 0860 103 343
E-mail: warrants@investec.co.za
Internet: www.investecwarrants.com
Sponsor
Investec Securities Limited
Member of the JSE
Registration number. 1972/008905/06)
Date: 09/05/2008 13:12:01 Produced by the JSE SENS Department.
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